508B.9 Act of conversion — continuation of company. 1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter, the commissioner shall issue a new certificate of authority to thereorganized company effective on the effective date of the conversion as provided in the plan.The reorganized company is a continuation of the mutual life insurance company and theconversion shall not annul or modify any of the mutual company’s existing suits, contracts,or liabilities except as provided in the approved conversion plan. All rights, franchises,and interests of the mutual company in and to property, assets, and other interests shall betransferred to and shall vest in the reorganized company and the reorganized company shallassume all obligations and liabilities of the mutual company. 2. The reorganized company shall exercise all rights and powers and perform all duties conferred or imposed by law on life insurance companies writing the classes of insurancewritten by it, and shall retain the rights and contracts existing before conversion, subject toprovisions of the plan. ed or imposed by law on life insurance companies writing the classes of insurancewritten by it, and shall retain the rights and contracts existing before conversion, subject toprovisions of the plan. 85 Acts, ch 127, §9; 86 Acts, ch 1237, §32; 2000 Acts, ch 1023, §11; 2018 Acts, ch 1041, §127 Sat Dec 23 00:40:59 2023 Iowa Code 2024, Section 508B.9 (16, 0)
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